Millenials and Centennials are changing the market

How Millennials and centennials are Changing the Market Landscape for Good

Karina López | Septiembre 13, 2021 | Lectura de 10 minutos

In recent years the millennial and centennial generations (gen Z) have undoubtedly been under the global microscope, and for good reasons. According to the UN World Population Prospects 2019 Report, as of 2020, Millennials make up 23% of the global population. Last year, Generation Z then overtook Millennials as the largest generation, constituting 32% of the global population. In combination, Millennials and Gen Z now make up over 57% of the entire population of the world, hence why they are consuming so much global attention.

It’s important to note that while these two generations may not be the most powerful in economic terms, they are becoming exponentially more powerful when it comes to influencing market trends and shifting consumer habits. More and more of the world is beginning to adopt the ways of these two generations and if your business doesn’t remain proactive in your ways of evolving with the landscape, you may be overlooked.

The Evolution Begins Now

It’s obvious that these two prominent generations have already begun leading the shift when it comes to what brands they are attracted to, how they want to be marketed to, and how they prefer to do business.

When it comes to the brands that these generations are attracted to, corporations are not it. Gen Z specifically tends to shy away from large corporate companies and major institutions. The reason for this isn’t necessarily in the company itself, but the size and the amount of separation between the executives and their consumers. Gen Z values trust, transparency, and honesty and have no problem turning their back on large corporations who don’t seem to value their audience. Instead, Gen Z has seemingly leaned into smaller to medium sizes companies who value loyalty and sincerity.

Along the same lines, both Gen Z and Millennials alike will not stand for neutrality when it comes to prominent societal issues. They expect their brands to voice their opinions and stand up for what is right. Failing to do so may cost you loyalty with these generations.

Traditional marketing is no longer the best path to getting their attention. Both Gen Z and Millennials learn about new businesses and engage with their favorite brands digitally and more specifically, mobialy. These generations are all about convenience and immediacy when it comes to consuming information and the best way to achieve that is through social media and app-based strategies. Many companies have already shifted away from traditional marketing campaigns and begun adopting these new tactics in reaching the younger generations.

The same goes for how they want to do business. Millennials and Gen Z have already made the shift toward online shopping and many brands and businesses are following suit. Relying solely on a brick and mortar storefront or a physical location will no longer suffice with these generations. They need to be able to shop and do business whenever and wherever they want.

Who’s Leading the Way?

Brands like Glossier, Under Armour, Subaru and Patagonia are some of the many brands already shifting their strategies to accommodate the younger generations.

Historically, Bottega Venetta has been known for their strict adherence to traditional icons and timeless design and while the brand is wildly successful, they projected the shift in the market and knew that their existing brand strategy was less likely to take with the younger generations. So, in order to accomodate the evolution of the landscape and remain proactive in the industry, they instated 32-year-old Daniel Lee as their Creative Director in 2018. Lee immediately found ways to reinvent the brand to appeal to the younger generations and rebranded themselves as more bright, colorful, and flamboyant while remaining true to the brand’s vision and values.

Tiffany is a prime example of a brand who tried and failed to appeal to these younger generations. Their recent “Not Your Mother’s Tiffany” attempted to resonate with a young audience but instead sparked backlash from women, mothers, and younger generations alike. As previously mentioned, Gen Z and Millennials tend to align with brands who stand FOR something but the key here is FOR, not against, which is what the brand did here. As you monitor the landscape and begin to identify key brands who are making these substantial shifts to target a new audience, make sure to pinpoint who is doing it right and who is missing the mark.

Looking Ahead: Staying Proactive in The Market

While it’s admirable to “stay true to your roots” it’s imperative that you find ways to honor your existing following (Boomers and Gen X included) brand, mission, and values, while finding new ways to appeal to these younger and more influential generations. Their economic power is on the rise and staying proactive is key to earning their financial vote when the time comes.

Shift now, assess the landscape, and remain proactive in the market to stay ahead.

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